NSTS Bancorp, Inc. reported a net loss of $789,000 for the year ended December 31, 2024, a significant improvement compared to a net loss of $4.0 million in the previous year. The company's total assets increased to $278.7 million, up from $256.8 million in 2023, driven primarily by a rise in net loans, which reached $130.4 million, compared to $120.6 million the previous year. The increase in loans was supported by a strategic focus on one- to four-family residential mortgage loans, which constituted 91.2% of the total loan portfolio as of December 31, 2024.
In terms of operational performance, NSTS Bancorp saw a notable increase in net interest income, which rose to $7.1 million from $6.2 million in 2023. This increase was attributed to a higher average yield on loans and interest-bearing deposits, despite a slight decrease in the interest rate spread from 2.33% to 2.29%. The company also reported a significant increase in noninterest income, which totaled $1.9 million, compared to a loss of $1.15 million in the prior year, largely due to a substantial gain on the sale of mortgage loans.
Strategically, NSTS Bancorp expanded its lending operations by hiring additional mortgage loan originators and establishing new loan production offices in Aurora and Plainfield, Illinois. This expansion is part of the company's broader strategy to enhance its product offerings and increase market penetration in the greater Chicagoland area. The company also reported an increase in total deposits, which rose to $190.2 million, up from $168.8 million in 2023, primarily due to competitive time deposit offerings.
The company’s allowance for credit losses increased slightly to $1.2 million, reflecting the growth in the loan portfolio. Notably, as of December 31, 2024, there were no loans classified as substandard or on non-accrual status, indicating strong asset quality. Looking ahead, NSTS Bancorp anticipates continued growth in loan originations and deposit retention, while actively monitoring market conditions and interest rates that could impact its financial performance. The company remains committed to maintaining a strong liquidity position and is well-capitalized under regulatory standards, with a Tier 1 capital ratio of 23.53%.
About NSTS Bancorp, Inc.
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